Craneware Group | 1HFY25 update – double digit growth
Craneware has released a positive update on its 1HFY25 results to the end of December, ahead of their publication which is expected to be on 11 March 2025. Management note another period of positive trading with double-digit growth of c10% in revenue to over US$100m and a similar increase in adjusted EBITDA to US$30.3m. The pace of growth in Annual Recurring Revenue (ARR) has increased to 3% and Net Revenue Retention was above 100%. Sales included the first major customer contract secured via the Microsoft Azure Marketplace, following the alliance Craneware announced last July. The group ended the period with net cash of US$40.6m (US$0.8m of net debt at 30 June 2024). The group is trading in line with market expectations and we maintain our current forecast including growth in EPS of 14%. Our discounted cash flow-based valuation of 3,073p is nearly 50% above the current share price.Craneware is engaged in the development, licensing and ongoing support of computer software for the U.S. healthcare industry. Co.'s solutions span four product families: Patient Engagement, Charge Capture & Pricing, Revenue Collection & Retention, and Cost Analytics. The patient engagement segment provides: medical necessity & prior authorization, and patient responsibility. The charge capture & pricing segment provides procedures, pharmacy, and supplies. The revenue recovery & retention segment provides billing & claims analysis, audit management, and denials management. The cost analytics segment provides cost of care.
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